Sedgwick will build 15-story condo building in River North

The Bentham is among a small number of condo projects at a time when most investors are rental-focused

Chicago /
Jul.July 03, 2018 03:00 PM

Sedgwick’s Marty Paris

Sedgwick Properties has been cleared to build a 15-story condo building in River North at a time when most investors are focusing on apartments.

The city granted Chicago-based Sedgwick the initial construction permit for The Bentham at 146 West Erie Street. The permit covers the foundation and first three floors, work that is expected to cost $4 million.

The building will have ground-floor retail, enclosed parking and 31 condos on floors 4-14.

Jameson Sotheby’s Realty is listing the units, which Curbed reported last year would start at $1.3 million.

In recent years, most multifamily development Downtown has occurred in the rental market, as builders and buyers alike found it more difficult to secure financing for condos post-crash, and a growing millennial workforce fed the need for apartments. Condo buildings have been more of a target for deconversion than development.

But there have been a few exceptions, most notably JDL Development’s 9 West Walton Street, which has dominated the list of most expensive sales since last year.

A number of large projects in the works also include condominiums, including Related Midwest’s One Bennett Park and former Chicago Spire site projects, Vista Tower and the condo tower known as 1000M at 1000 South Michigan Avenue from JK Equities, Time Equities and Oak Capital.


Related Articles

arrow_forward_ios
801 South Financial Place (Alta Rosevelt. iStock)
South Loop apartment tower trades in largest downtown apartment sale of 2022
South Loop apartment tower trades in largest downtown apartment sale of 2022
Fritz Kaegi (iStock)
Chicago Assessor Kaegi wins primary, fending off trade union challenge
Chicago Assessor Kaegi wins primary, fending off trade union challenge
977 Forest Avenue, Glencoe, IL (AtProperties)
Six-bedroom mansion may become Glencoe’s second-priciest listing
Six-bedroom mansion may become Glencoe’s second-priciest listing
1134 Taylorsport Lane (Redfin, JS Eckert)
Life’s a beach at these five Chicago-area lakeside homes
Life’s a beach at these five Chicago-area lakeside homes
1919 N Dayton St, Chicago (Zillow)
Lincoln Park mansion sale underscores strength of Chicago luxury market
Lincoln Park mansion sale underscores strength of Chicago luxury market
Ken Griffin and No. 9 Walton (Getty Images, Gold Coast Realty Chicago, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
What’s next for Ken Griffin’s unfinished $58M Gold Coast penthouse?
What’s next for Ken Griffin’s unfinished $58M Gold Coast penthouse?
The late Jack Sandner with 1 Moffett Road (Getty, Compass)
Home of late Chicago Mercantile Exchange leader hits the market
Home of late Chicago Mercantile Exchange leader hits the market
Attom executive vice president Rick Sharga (LinkedIn, iStock)
Chicago housing market among nation’s most vulnerable to possible recession
Chicago housing market among nation’s most vulnerable to possible recession
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...